PDD: A higher level of diligence required for prominent individuals

Domestic prominent influential persons (DPIPs) aren’t automatically seen as high risk. However, the FIC Act requires a high level of due diligence to assess the risk associated with the prospective relationship with the DPIP, who include the following individuals:

Additional information may be required in order for Sanlam to determine and manage the risk associated with the relationship with a DPIP. This may include:

  • Source of wealth
  • Nature and source of income.

Where a prospective relationship with a DPIP is considered high risk, senior management approval is required, which could affect the time needed to finalise a transaction.

This snippet is part of a series. If you missed the previous instalments, read more here:

For more on the FIC Amendment Act, click here.